CHICAGO, November 9, 2021 / PRNewswire / – Cars.com Inc. (NYSE: CARS) (“CARS” or the “Company”), a leading automotive market platform that provides a robust set of industry-specific digital solutions, has completed the acquisition of CreditIQ, announced last week. CreditIQ is a leading automotive technology platform that provides instant online loan selection and approvals to make it easier to buy cars online.
Cars.com paid $ 30 million at closing on November 5, 2021, which was funded from cash. There may be future payments of up to an additional amount $ 50 million dollars in performance-based cash consideration up for grabs over the next three years.
“The acquisition of CreditIQ technology facilitates CARS ‘entry into the rapidly growing, multi-billion dollar auto finance market, by expanding our TAM beyond the $ 35 billion The automotive advertising and dealership technology markets in which we operate today. We are excited to participate in this space with powerful digital solutions for dealerships that facilitate online financing and allow them to be more competitive, ”said Alex vetter, President and CEO of CARS. “The acquisition of this scalable technology supports our vision to create frictionless omnichannel experiences and further develop the capabilities of our platform for buyers and sellers, building on our competitive advantage and delivering additional value. to our shareholders. “
Founded in 2014 by automotive and loan software experts Bill Liatsis, Antoine Liatsis, and Bill Gerhard, CreditIQ is headquartered at new York and develops digital retail finance technology designed to facilitate online car sales and streamline in-store processes for car dealerships.
Learn more about the acquisition here.
CARS is a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions that connect car buyers with sellers. Launched in 1998 with the flagship Cars.com market and based in Chicago, the company provides buyers with the data, resources and digital tools needed to make informed purchasing decisions and seamlessly connect with auto retailers. In a rapidly changing market, CARS enables dealers and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy buyers, increase inventory turns and gain market share. Marlet.
In addition to Cars.com, CARS brands include Dealer Inspire, a technology provider that builds solutions that empower dealerships with more efficient operations and connected digital experiences; FUEL, which empowers dealers and OEMs to harness the untapped power of digital video by leveraging the sheer audience of car buyers in the Cars.com marketplace, and DealerRater, a platform for reputation management and review of leading car dealerships.
This press release contains “forward-looking statements” within the meaning of federal securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include information regarding the Company’s industry, dealer customers, operating results, business strategies, plans and objectives, market potential, prospects, trends, future financial performance, planned operational and product improvements; potential strategic transactions including the proposed acquisition. and the integration of CreditIQ, and other issues and involve known and unknown risks that are difficult to predict. Therefore, the financial results, performance, achievements, strategic actions or actual prospects of the Company, including the expected benefits of the acquisition of CreditIQ, may differ materially from those expressed or implied by these forward-looking statements. . These statements often include words such as “believe”, “expect”, “project”, “anticipate”, “prospect”, “intend”, “strategy”, “plan”, “estimate”, ” target “,” seek, “” will “,” may “,” would “,” should “,” could “,” forecast “,” mission “,” strive “,” more “,” goal “or similar expressions. Forward-looking statements are based on the Company’s current expectations, beliefs, strategies, estimates, projections and assumptions, based on its experience in the industry as well as on the Company’s perceptions of historical trends, current conditions , expected future developments, current developments regarding the COVID-19 pandemic and other factors the Company deems appropriate. These forward-looking statements are necessarily based on estimates and assumptions which, while considered reasonable by the Company and its direction on the basis of their knowledge ance, and their understanding of the business and the industry, are inherently uncertain. These statements are made in good faith and the Company believes these judgments are reasonable. However, you should understand that these statements are not guarantees of strategic action, performance or results. The actual results and the strategic actions of the Company could differ materially from those expressed in the forward-looking statements. In view of these uncertainties, forward-looking statements should not be relied upon in making investment decisions. Comparisons of results between current and previous periods are not intended to express future trends or indications of future performance, unless they are expressed as such, and should be considered only as historical data. Whether or not such forward-looking statement is made will depend on future events, some of which are beyond the control of the Company.
Forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond the control of the Company, which could cause its actual results and strategic actions to differ materially from those. expressed in the forward-looking statements contained in this press release. For a detailed discussion of many of these and other risks and uncertainties, see the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and its other documents filed with the Foreign Exchange Commission, available on the Company’s website at investisseur.cars.com or via EDGAR at www.sec.gov. All forward-looking statements contained in this press release are qualified by these cautionary statements. You should assess all forward-looking statements made in this press release in the context of these risks and uncertainties. The forward-looking statements contained in this press release are based solely on information currently available to the Company and speak only as of the date of this press release. The Company assumes no obligation, other than that which may be required by law, to update or revise forward-looking statements or cautions to reflect changes in assumptions, the occurrence of events, unforeseen or other, or changes in future operating results over time or otherwise.
The forward-looking statements contained in this report are intended to be subject to safe harbor protection under federal securities laws.
SOURCE Cars.com Inc.